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Indian stock market opened in positive manner and started dropping continuously. The Sensex/Nifty continues to trade in the negative direction on the back of profit booking seen in index heavyweights. Among all the sectors especially Realty, banking and metal stocks traded lower.

At 10.15 a.m., the Sensex was trading down around 114 points or 0.57% at 19,816.75 with 22 components falling. Meanwhile, the Nifty was trading lower by 36.65 points or 0.61% at 5,962.15 with 40 components falling. The 30-share benchmark index, BSE Sensex opened with a gain of 52 points or 0.26% at 19,982.75, while the broad based NSE Nifty started with a rise of 77.15 points or 1.29%, at 6,075.95.Sensex MoversNegative movers:ICICI Bank contributed fall of 28.31 points in the Sensex. It was followed by Reliance Industries (18.11 points), HDFC Bank (13.29 points), Infosys Technologies (12.26 points) and Tata Consultancy Services (9.97 points).Positive movers:However, Bharti Airtel contributed rise of 14.93 points in the Sensex. It was followed by Larsen & Toubro (9.25 points), Sterlite Industries (India) (5.13 points), Hero Honda Motors (3.06 points) and Hindustan Unilever (1.39 points).

India's telecom authority TRAI proposed cancelling 62 licenses of 5 telecom network operators. 2G Spectrum has been given to these operators during jan 2008. Because of this issue Telecom minister Raja resigned his post and this issue became major one and the media/press started digging into the issue to get more details.

India is the 2nd largest and fastest-growing in the world in telecom sector. Government auditor submitted the report, in that he condemned the ministry's allocation of 2G spectrum, saying it cost the government $38.9 billion in potential revenue loss. "We have reviewed about 127 licenses and have recommended that some licenses may be cancelled on the ground that either they have not rolled out (mobile phone) services or for improper roll out of services, so that the spectrum can be utilized," a senior official at TRAI told Reporters.